Property Type

Opus to Construct 612,730 SF Speculative Warehouse in Middletown, Ohio

by Kristin Harlow May 31, 2018

MIDDLETOWN, OHIO — The Opus Group has unveiled plans to construct a 612,730-square-foot, speculative warehouse in Middletown, about 38 miles north of Cincinnati. The property will feature a clear height of 36 feet, 40 dock doors, 79 trailer positions and 410 car parking spaces. Construction is expected to begin in June with completion slated for May 2019. Opus Development Co. is the developer and Opus Design Build is the design-builder. Opus AE Group is the architect of record and structural engineer. The project is a joint venture with Founders Properties LLC. Norm Khoury and John Gartner of Colliers International will market the property for lease.

May 31, 2018

Acquisitions Illinois Industrial Midwest

Exeter Property Group Acquires Two-Building Industrial Portfolio in Buffalo Grove, Illinois

by Kristin Harlow May 31, 2018

BUFFALO GROVE, ILL. — Exeter Property Group has acquired a two-building industrial portfolio in Buffalo Grove, a suburb of Chicago. The properties, spanning a combined 180,766 square feet, are located in Covington Corporate Center. One of the buildings, 951 Commerce Court, is a 95,810-square-foot property fully leased to Veritas Document Solutions. The other is an 84,956-square-foot building fully leased to five tenants, including Sears, Midwest Sealing Products and Perfect Power. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the undisclosed seller.

May 31, 2018

Acquisitions Midwest Missouri Retail

Block & Co. Brokers $3.6M Sale of Retail Building in St. Joseph, Missouri

by Kristin Harlow May 31, 2018

ST. JOSEPH, MO. — Block & Co. Inc. Realtors has brokered the sale of a 90,348-square-foot retail building in St. Joseph, about 55 miles north of Kansas City. Orscheln Farm & Home, a farm and ranch supply store company, purchased the property for its new location. The building is part of a shopping center that includes Hy-Vee, Shoe Carnival, Fashion Bug and Sally Beauty. Tony DeTommaso and Mark McConahay of Block represented the seller, Heartland Health Business Plaza LLC. Carl LaSala of NAI LaSala-Sonnenberg Heartland represented the buyer.

May 31, 2018

Acquisitions Hospitality Kansas Midwest

Hunter Hotel Advisors Arranges Sale of 147-Room Hotel in Kansas City, Kansas

by Kristin Harlow May 31, 2018

KANSAS CITY, KAN. — Hunter Hotel Advisors has arranged the sale of the 147-room Hilton Garden Inn in Kansas City for an undisclosed price. Peachtree Hotel Group purchased the hotel from Fairwood Capital. The property is located next door to the Reardon Convention Center and offers more than 1,375 square feet of meeting and event space. David Perrin of Hunter Hotel Advisors brokered the transaction.

May 31, 2018

Acquisitions Indiana Industrial Lee & Associates Midwest

Lee & Associates Negotiates Sale of 20,786 SF Warehouse in Indianapolis

by Kristin Harlow May 31, 2018

INDIANAPOLIS — Lee & Associates has negotiated the sale of a 20,786-square-foot industrial warehouse in Indianapolis for an undisclosed price. The property is located at 5402 Massachusetts Ave. Stan Elser of Lee & Associates represented the buyer, Gardner Associates LLC. Jeff Baumgardner of Century 21 Sheetz represented the seller, Parke Properties LLC.

May 31, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $1.7M Sale of Mixed-Use Building in New Jersey

by David Cohen May 31, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.

May 31, 2018

Acquisitions Multifamily New York Northeast Student Housing

OC Ventures Acquires 640-Bed Student Housing Community Near Buffalo

by David Cohen May 31, 2018

Amherst, N.Y. — China-based real estate private equity fund OC Ventures has acquired Twenty 91 North, a 640-bed student housing community located near the University at Buffalo in Amherst. TSB Realty brokered the acquisition of the property from University Student Living and Harrison Street Real Estate. The community was built in 2016, and offers shared amenities including a resort-style pool; a game area with a pool table, ping-pong and shuffleboard; a study lounge; computer lab; fitness center; and private shuttle service.

May 31, 2018

Acquisitions Multifamily Nevada Western

Bascom Group Sells 336-Unit Multifamily Property in Las Vegas to RK Properties for $59.2M

by Amy Works May 31, 2018

LAS VEGAS — The Bascom Group has completed the disposition of Montecito Pointe, an apartment community located at 9745 Grand Teton Drive in northwest Las Vegas. RK Properties acquired the property for $59.2 million. Completed in 2007, the community features 336 apartments, with an average unit size of 981 square feet. Amenities include a pool, fitness center, children’s play area and pet exercise park. John Cunningham and Charles Steele of JLL represented the seller in the deal.

May 31, 2018

Colorado Loans Retail Western

Newmark Arranges $43.4M in Financing for 285,000 SF Shopping Center in Colorado

by Amy Works May 31, 2018

LAKEWOOD, COLO. — San Francisco-based Newmark has arranged $43.4 million in financing for Lakewood City Commons, a shopping center located at 7740 W. Alameda Ave. in Lakewood. Mark Ritchie and Jasmine Polson of Newmark arranged the financing for the undisclosed borrower. The 15-year loan, which features a 30-year amortization schedule, was funded through a correspondent life insurance company. Newmark will service the loan. The borrower plans to use the long-term financing to pay off an existing CMBS loan, cover transaction costs and recoup a portion of its equity. At the time of financing, the 285,000-square-foot property was 95 percent occupied. Tenants include Ross Dress for Less, Old Navy, Michaels and King Soopers, a supermarket brand of Kroger.

May 31, 2018

California Healthcare Loans Office Western

CIT Funds $15.3M Acquisition Loan for Medical Office Building in San Diego

by Amy Works May 31, 2018

SAN DIEGO — CIT Group’s Healthcare Finance business, part of the Commercial Finance division, has funded a $15.3 million loan to finance the purchase of Coast Medical Center, a medical office building in San Diego. The borrower is a joint venture between Kayne Anderson and MB Real Estate. Situated 10 miles from downtown San Diego, the four-story building is occupied by a variety of healthcare tenants offering a range of medical services, including surgery, urology, orthopedics and dentistry.

May 31, 2018

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